Alrajhi Bank offers six major foreign currency deposits

PETALING JAYA: Al Rajhi Banking & Investment Corp (M) Bhd (Alrajhi Bank Malaysia) says customers can now save in six major foreign currencies when they deposit with the bank’s Commodity Murabahah Foreign Currency Current Account-i.

The six major foreign currencies are the Australian dollar, euro, British pound, Saudi riyal, Singapore dollar and US dollar.

In a statement, the bank said customers needed to make an initial US$1,000 (RM4,665) deposit or its equivalent in any of the denominations listed to open an individual account and earn up to 5% profit rate per annum.

“Alrajhi Bank Malaysia’s returns are calculated daily and paid monthly. There is also no lock-in period and customers can enjoy the profit rate immediately and withdraw their deposits at any time,” it said.

The bank’s Commodity Murabahah Foreign Currency Current Account-i is beneficial to parents with children studying overseas, expatriates and those who travel frequently or have businesses overseas.

The account also enables customers to expand their investments in foreign currencies.

Last month, Alrajhi Bank Malaysia partnered with Manulife Investment Management (M) Bhd to distribute the Manulife Syariah Global Real Estate Investment Trust (REIT) Fund, which offers syariah-compliant real estate investment opportunities locally and from across the globe.

This was the first time the syariah-based lender was making syariah REIT investment available to its customers.

Syariah global REITs combine features of real estate and trust funds and offers investors several benefits over other forms of investment. — Bernama